The Bitcoin Analysts are currently speculating that the hash rates of the crypto his spiking upwards due to miners coming back online for the recent spike hike.
The hash rates of BTC is going up to it’s all-time highs of almost 400 terahashes every second on 23rd March. As per the YCharts data aggregator, the Bitcoin network is dropping to 344.63TH/s by 27th March. However, the rates are still up by 178.77 TH/s than that of the last year.
In a 26th March post, Sam Wouters, a research analyst River financial, that also is the financial service provider has made speculations that this spike in hash rates are going to be unused again as the mining inventory is coming back.
He said that while the prices of the stablecoin was low and much inventory was brought, at some point, the max capacity of what the network itself could handle was crossed. Thus, Wouters adds that as the prices started to hike up, more of these inventories are coming online yet again.
Bitcoin Hash Rates Are Spiking Up
Wouters also added that the Hydro models are getting inside the market with a 250+ TH/s for every machine. This adds on amazing hash rates. The 20th March analysis from stifle, an investment banking company shared something similar. They speculated that this recent upwards slope of hash rates for Bitcoin might be connected to miners bringing their hardware online.
Nazar Khan, from TeraWulf, a BTC mining company says that the company is starting to increase their hash rates to the max levels abd the rigs has produced more online as it is a new cryptomine facility by the Nautilus.